Operations Agent definition
Examples of Operations Agent in a sentence
The Borrower ratifies and confirms in all respects all of its obligations to the Operations Agent and the Banks under the Credit Agreement and the other Loan Documents and hereby affirms its absolute and unconditional promise to pay to the Banks and the Operations Agent the Loans made to it and all other amounts due from it under the Credit Agreement as amended hereby.
The Delinquent Bank hereby authorizes the Operations Agent to distribute such payments to the nondelinquent Banks in proportion to their respective pro rata shares of all such outstanding Loans.
If a court of competent jurisdiction shall adjudge that any amount received and distributed by the Operations Agent is to be repaid, each Person to whom any such distribution shall have been made shall either repay to the Operations Agent its proportionate share of the amount so adjudged to be repaid or shall pay over the same in such manner and to such Persons as shall be determined by such court.
Any reference to an agent for the Banks in, or in connection with, any Loan Document shall be a reference to the Operations Agent.
The failure or refusal of any Bank to make available to the Operations Agent as provided herein its share of any Borrowing shall not relieve any other Bank from its several obligations hereunder.
The Assignor and the Assignee shall make any appropriate adjustments in payments for periods prior to the Effective Date by the Operations Agent or with respect to the making of this assignment directly between themselves.
If such Bank shall repay to the Operations Agent such amount, such amount so repaid shall constitute such Bank’s Loan included in such Borrowing for purposes of this Agreement.
Following the execution of this Assignment and Acceptance each party hereto shall deliver its duly executed counterpart hereof to the Operations Agent for consent by the Operations Agent and recording in the Register by the Operations Agent.
Debtor is or may be indebted to Lenders pursuant to and as defined in that certain Credit Agreement dated January 8, 2004, among Lenders, Agent and State Street Bank and Trust Company, as Operations Agent (the "Senior Credit Agreement").
Upon such acceptance of this Assignment and Acceptance by the Operations Agent and such recording, from and after the Effective Date, the Operations Agent shall make all payments in respect of the rights and interests assigned hereby (including payments of principal, interest, fees and other amounts) to the Assignee.